Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
It’s looking like a typically quiet end to the week on the corporate news front, but TP ICAP [LON:TCAP] has published a third quarter trading update this morning. Revenues have advanced 17% against the same period a year earlier, with a particularly strong performance being seen in growth of the institutional services division following new hires and a growing client base. Despite this uptick however, full year expectations remain unchanged and there’s caution expressed that geopolitical headwinds could still prove challenging in Q4.
Motor retailer Lookers [LON:LOOK] has published a trading statement this morning, cautioning that trading conditions in recent weeks have become much more challenging than expected. Like for like retail sales of new cars are down 11.5% from a year ago and the company is accelerating a phase of portfolio consolidation, having flagged 15 dealerships for closure. The CEO and COO are also standing down with immediate effect and the fact that replacements haven’t yet been lined up means that the market could react badly to the news this morning.
Vodafone [LON:VOD] has this morning announced a strategic partnership with Fairphone, a company that is looking to bring a more ethical approach to the mobile phone market. The proposition works on the basis that the components of the handset such as screen, battery and camera, can be repaired easily, encouraging users to retain the core handset for longer, which in turn reduces the item’s environmental impact. The handset looks like any other smartphone, making this a worthy ambition and one that’s worth watching.